Tax Planning
The latest news and developments that advisors need to create meaningful tax planning strategies for clients.
Taxpayers Get Billions in Erroneous Education Tax Credits
By Marlene Y. SatterThe IRS has erroneously accepted claims from over two million taxpayers who were not entitled to draw education tax credits, according to a report from the Treasury Inspector General for Tax Administration, and the cost is in the billions of dollars.
October 20, 2011
IRS Raises 401(k) Contribution Limits to $17,000 for 2012The Internal Revenue Service announced Thursday cost of living adjustments affecting contribution limitations for pension plans and other retirement-related items for fiscal year 2012.
October 19, 2011
Raymond James’ Income Flat as Advisor Headcount Rises: Q3 EarningsPrivate-client sales for the past 12 months were nearly $2.2 billion, a 15% increase over the 2010 fiscal year.
October 18, 2011
Goldman Sachs Loses $428 million in Third Quarter (AP)It was only the second quarterly loss for the investment bank since it went public 12 years ago. The bank said at its last earnings call, in July, that it would eliminate as many as 1,000 jobs to cut costs.
October 15, 2011
Portability Election Could Trigger Estate Tax Return AvalancheFailure to elect the DSUEA could cost your clients $1.75 million.
October 14, 2011
Senate Republicans on Finance Committee Urge Deficit Panel to Make ChangesRepublican senators' recommendations to the Joint Select Committee on Deficit Reduction include repealing the Alternative Minimum Tax and the health-care law and reforming Social Security.
October 14, 2011
Court OKs Crummy Crummey PowersAlthough this taxpayer came out unscathed, proper Crummey gifting remains an essential aspect of life insurance trust administration.
October 13, 2011
Friendly Fire Hits Boehner on Dodd-Frank Reform Law (The Hill)As Republican presidential candidates push for House GOP leaders to repeal the 2010 Wall Street reform law, politicians like John Boehner (R-Ohio) face a difficult decision: Follow party wishes or follow political common sense.